She Strengthens

Navigating the Financial Realities of Pursuing a PhD

Pursuing a PhD is a significant investment in one’s education and future career. For Julia Reeding, a PhD student in social sciences and psychology, this journey has been marked by careful financial planning and strategic decision-making.

The Cost of Higher Education

Julia’s decision to pursue a PhD was driven by her desire to become a professor, a career path that requires a doctoral degree. While the financial rewards of a PhD may be delayed, Julia recognizes that the investment will pay off in the long run. However, the journey is not without its financial challenges. As a PhD student, Julia’s earning potential is limited, and she must rely on a combination of funding sources, including university-provided fellowships, external funding awards, and part-time jobs.

Funding Sources and Strategies

Julia’s funding comes from a variety of sources, including university-provided fellowships, external funding awards, and part-time jobs. She notes that the funding landscape in Canada is different from that in the United States, with university tuition fees being higher in Ontario, where she is based. To make ends meet, Julia must apply for competitive funding awards and scholarships, which can be time-consuming and require careful planning.

The Importance of Living Within Your Means

Despite the financial challenges, Julia emphasizes the importance of living within your means and avoiding unnecessary debt. She allocates her income carefully, using specific income sources to fund particular expenses, such as rent and bills. Julia also recommends finding small ways to save money, such as minimizing coffee purchases on campus and bringing your own lunch.

Paying Off Debt and Building Savings

For Julia, paying off debt and building savings are crucial components of financial planning. She recommends directing any extra income towards debt repayment and building an emergency fund. Julia also suggests finding academic side hustles that can help supplement your income and add to your CV.

Planning for the Future

While Julia’s current focus is on completing her PhD, she recognizes the importance of planning for the future. She hopes to secure a funded post-doctoral fellowship in five years and become a professor in ten years. To achieve these goals, Julia is committed to continuing her education, building her professional network, and developing the skills and expertise needed to succeed in her field.

Taking Control of Your Finances

Julia’s financial advice to PhD students is to take control of your finances by living within your means, avoiding unnecessary debt, and planning for the future. By making smart financial decisions now, PhD students can set themselves up for long-term financial success and achieve their career goals.